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Cooperative partnership with Alteos to provide e-bike insurance: IT’S MY BIKE expands service portfolio further

E-bike riders with an integrated IT’S MY BIKE GPS tracker can now enjoy a further option and now insure against theft directly on their IT’S MY BIKE app. To provide this service (eSurance), IT’S MY BIKE is working with Alteos, an innovative insurance start-up, which forms part of the AXA Group. This product (eSurance) enables IT’S MY BIKE to offer a complete service and protect e-bike owners from loss and the associated financial risk.

“Some 300,000 bicycles are reported as stolen every year. Only a small proportion of these crimes are solved,” states Jürgen Veith, CEO at IT’S MY BIKE. “Modern technologies such as our GPS tracker mark milestones. The tracker has already led to numerous success stories with thefts solved and thieves caught,” he says, pleased with the results. “However, there is still a risk that a stolen e-bike will never be found again despite the GPS tracker. This may be the case when the bike is rapidly taken over borders, for example. We have integrated the option for security-aware e-bike riders to take out insurance for such cases.”

Alteos offers two different packages for e-bike insurance with GPS protection at a price from 2.75 euros or 4.99 euros per month (Theft Protection Plus or Complete Protection). E-bike owners who have already included e-bike theft coverage in their household insurance also have the option of the Damage Protection package. This covers damage to the bike due to an accident or fall and other risks such as vandalism, battery wear, battery and accessory theft and a good deal more. The service can be acquired by clicking on a button in the app up to six months after the date of purchase. All e-bikes can be insured up to a value of 7,000 euros. If the bike is lost or is a write-off, the insurer will pay out the replacement value without deductibles.

“With our GPS insurance cover, we are offering a unique, innovative product for e-bike riders,” states Dr Sebastian Sieglerschmidt, CEO at Alteos. “Providing replacement value also makes it easier for customers to acquire the expensive bike they have always dreamed of.”

“We are pleased to have found an innovative partner for our service world in Alteos,” adds Veith. The company has been offering the GPS tracker as a retrofit at bike specialists since summer 2019 (RRP: 199 euros, including three years’ connectivity, or 249 euros, including five years’ connectivity). The solution makes it possible to recover stolen bicycles (eProtect). Users also have the option of accessing mileage statistics and calculating CO2 savings (eRide). A digital emergency assistant is also set to follow soon, featuring as an additional module for greater road safety (eCall).

More information about the insurance coverage and the packages at https://shop.alteos.com/ebike.

IT’S MY BIKE company profile

IT’S MY BIKE is an IoT Venture GmbH brand. The company develops and markets GPS trackers which open up a new type of service world for e-bikes in conjunction with an app. IT’S MY BIKE uses the innovative narrowband NB-IoT radio standard for its products. NB-IoT provides a cost-efficient solution for the Internet of Things as a Low-Power Wide-Area Network with low energy requirements, effective building penetration and a wide range. It also offers the advantage that it makes use of existing networks. IT’S MY BIKE operational activities include hardware and software development (embedded systems) and the provision of the required data platform (cloud solution).

Media contact

IT’S MY BIKE – an IoT Venture GmbH brand
Bettina Schmidt
Head of Corporate Communications
Hilpertstrasse 31
64295 Darmstadt, Germany
Tel.: +49 171 781 4562
Email: b.schmidt@iot-venture.com
Online: www.iot-venture.com
Twitter: @iot_venture
LinkedIn: www.linkedin.com/company/iot-venture/

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